Explain the following terms: optimization, objective function, optimal solution, constraint, constraint function, feasible solution, and binding constraint.

Explain the following terms: optimization, objective function, optimal solution, constraint, constraint function, feasible solution, and binding constraint.
Please use the below textbook for the primary reference.
Evans, J. R. (2012). Statistics, data analysis, and decision modeling, 5/E. Prentice Hall.

SAMPLE SOLUTION

Terms
Optimization
Optimization can be defined in different ways depending on the context in which it is to be referred to. However, in general terms, it can be defined as a performance that is highly achievable with cost effective means and by considering constraints that maximize on factors that are desirable and inhibiting on those that are not desirable. The desire is therefore to have optimum output using cost effective ways. In other contexts,…